CoinCodeCap WeekInFocus: June 23, 2024

News

Global

SEC Commissioner Acknowledges Advantages of Securities Tokenization

• Commissioner Mark Uyeda of the SEC stated that the tokenization of assets, including securities, had potential advantages.
• Uyeda claimed tokenization streamlines transactions and lowers transaction costs by disregarding the need for middlemen.

Malaysia Targets Crypto Tax Evaders with Ops Token Initiative

• In order to lessen tax income leakage from crypto trading, the Malaysian government agency IRB carried out a special operation known as “Ops Token.”
• Many corporations and limited liability partnerships were allegedly established for the purpose of trading crypto, according to the authorities.

Ethiopia Initiates CBDC Development in Major Economic Reform

• As part of an economic reform plan, the National Bank of Ethiopia (NBE) has prepared two proclamations.
• The proclamations have been accepted by the Council of Ministers and will shortly be presented to the House of Representatives.

Iran Set to Launch Public CBDC Pilot in June

• In an open pilot program, the Central Bank of Iran (CBI) will introduce a national digital currency for use in domestic micropayments.
• Bank clients and visitors will be able to use the digital rial as part of the pilot program to pay for products and services by using special software to scan a barcode.

Nigeria Unveils New Rules and Compliance Program for Digital Assets

• The Nigerian SEC has modified the regulations pertaining to digital asset issuance, offering platforms, exchange, and custody.
• As per the circular on the SEC’s website, VASPs can now participate in the ARIP during a dedicated window for the onboarding procedure.

Platform and Tokens

Polymarket Gambler Charged After Betting on Taiwan Election

• Taiwanese prosecutors charged a man with using the crypto betting site Polymarket to wager on the nation’s June 13-2024 elections 2024. 
• Chen also wagered $60 on the country’s Democratic Progressive Party gaining additional seats in the legislature.

North Dakota Joins States Revoking Binance US License

• The financial watchdog in North Dakota has withdrawn the money transmitter license for Binance US, the company’s US subsidiary, becoming the eighth state to do so.
• Within 30 days, Binance US may request to revoke the order. In the event that no request is made by then, the order will take effect.

Nigerian High Court Rejects Binance Executive’s Detention Lawsuit

• Local press sources state that Binance regional manager Nadeem Anjarwalla’s lawsuit was dismissed by the Nigerian High Court. 
• The Nigerian financial journal Nairametrics claims that Krukrubo made the request for Anjarwalla to hire additional counsel.

Binance Fined $2.25M by Indian FIU for Violations

• India’s FIU fined crypto exchange Binance $2.25 million for serving Indian customers without abiding by the country’s anti-money laundering regulations.
• According to Section 2 (sa)(vi) of the PMLA, Binance is a reporting entity (RE) since it functions as a virtual digital asset service provider.

HectorDAO Initiates Chapter 15 Bankruptcy Filing in the US

• The decentralized autonomous organization HectorDAO filed for Chapter 15 bankruptcy in the US after a string of cyberattacks and market failures depleted the community’s finances.
• When Terra’s ecosystem collapsed in 2022, HectorDAO’s treasury holdings suffered a significant $16.4 million loss.

UK Authorities Arrest Two in $1.3 Billion Crypto Crackdown

• FCA and London Metropolitan Police arrests two in £1B illegal crypto exchange bust
• £1B unregistered crypto transactions linked to arrested suspects

Blockchain Association Raise Concerns on IRS Proposed Broker Rule

• They argue it’s unreasonable to spend $254 billion to close a $10 billion tax gap.
• They argue that enacting these rules would overwhelm the system with 8 billion 1099-DA tax forms.

Nigeria Denies Allegations of Poor Prison Conditions for Binance Executive

• The Nigerian government has refuted claims that Tigran Gambaryan, an executive at Binance, is being detained in substandard conditions.
• Idris stressed in his statement that Gambaryan’s incarceration is based on a court order and that the court alone has the authority to change the conditions or order his release.

Project Updates

Solana Sandwich Bot Earns $30 Million Through MEV Arbitrage

A Solana sandwich bot, “arsc4jbD,” earned over $30 million through MEV arbitrage in two months. The bot operates through multiple wallets, using sophisticated strategies to maximize profits.

Coinbase International to Support Pre-Launch Market Trading

Coinbase International is establishing a launchpad for emerging crypto businesses, following in the footsteps of centralized exchanges like Binance, Bybit, Bitget, and OKX. Pre-launch market assets are limited to a $50,000 notional position limit per token and an initial margin of 50%, or two times leverage.

Kraken Recovers $3M from CertiK, Concludes Bug Bounty Dispute

The crypto exchange Kraken has made up for lost money in a well-publicized bug bounty exploit incident. Nick Percoco, Kraken’s CSO, initially reported the $3 million in missing assets on June 19.

Podcasts and Interviews

• “State of the Crypto Market” podcast by Good Game Podcast
• “Cardano Will Flip Bitcoin” podcast by Altcoin Daily
• “Bro Crypto Podcast” podcast by Coin Bureau Clips

Job Listings

2k24 Events

• EthCC (Brussels) conference from July 8 to July 11
• ETHGlobal Brussels hackathon from July 12 to July 14
• EDCON Tokyo conference from July 29 to July 30
• Ethereum Argentina conference & hackathon from August 2 to August 4
• Science of Blockchain Conference (New York) from August 

As we wrap up another week of insights and discoveries, remember that staying informed and motivated is an ongoing journey. WeekInFocus by CoinCodeCap is here to accompany you on this path, bringing you a fresh perspective on the news, a doorway to exciting job possibilities, and a collection of thought-provoking podcasts. Let’s embrace the coming week with curiosity and determination. Until next time, keep focused and keep thriving!